. hi, everybody. welcome to the "wall street journal report." i'm maria bartiromo. the final days before the election. we'll talk to two former economic whi house advisers about what each candidate's policy means for america. dhaechb station of superstorm sandy. the impact could have on the econy and what happened at the new york stock exchange that hadn't happened in 100 years. the changing wa we deal with and learn about crises, the powers, krit pals of social media. the "wall street jrnal report" begins right now. here's what is making news as we head in to a new week on wall street. a positive jobs report. the final one before the election on tuesday. the labor department reporting

the unemployment kicked up in november to 7.9%. but 171,000 jobs were created in the month, well above expectations. numbers for the last two with months were revised upwards. an additional 84,000 jobs added for august and september new york's mayor michael bloomberg rang the bell on wednesday after a two-day shutdown because of super storm sandy. that's the fst two-day weather related shut down at the new york stock exchange since 1888. it was afirst slow day but there were no glitches the markets picked up steam. the markets fell on friday. stocks closed out october by eaking a four-month winning streak. the nasdaq had the worst october since 2008. auto sales slowed in october, at least partly affected by sandy. ford rose 4/10 of a percent. chrysler rising 10%, toyota up

16%, below expectations. if you are one of the people that lined up for this star wars movies the first time around, you will like this. the fourth may be with disney. 0 disney is acquiring it for $4 billion and plans to the make a seventh chapter by 2015. there's so much to talk about this week from the final days before the presidential election to the economic impact of super storm sandy. joining me now are two former presidential economic visers. austan goolsbee is a professor at the school of business and former adviser to president obama and a edward lazear is former adviser to george w. bush. thank you for joining us. >> thank you. nice to be with you. >> start with the job numbers on iday. the last jobs report before the election. what do they tell us about 34erk's economy today? what impact do you expect it to

have on the election? >> i don't think it will have much impact on the election because it is not that a much different from the overall trend over the last year ito 18 months. i think it was a fairly solid number. certainly better than expected and you got some revisions upward on the jobs number itself. overall, growth has been relative ly modest in the u.s. and that's reflected in the jobs number. this is an encouraging month. you never want to make too much out of any one month. >> i was surprised at the numbers. ed, what do you think? >> i think there are good things that each candidate can take out of it. obviously the fact the unemployment rate ticked up to something governor romney will emphasize, higher than when the president took office. that's the headline number. i agree with austan. the fact you had 171,000 jobs this month and i would add it is the trend for the pasten couple of months is higher, about

170,000 for fe the past couple of m months and that's a good sign. one thing i would say is while that is better than average, the number of jobss created per monh since the turnaround in early 2010 has been 140,000 a month so this is a little better than that. one disadvantage of that is you need 119,000 per month to keep with pace with population growth. a what this means is with 170,000 you are adding 50,000 per month. if you play it out it will take 13 years to make up r the jobs lost during the recession and keep pace with population owth. >> what about on top of all of that, let's talk aboutthis super storm sandy. a terrible human and personal toll of course. what impact does it have on the economy, in the region and across the country what do you think, ed? >> storms have a g immediate affect. if you look at a storm, even a storm as great a as katrina, whh

was obviously devastating to an entire region and probably greater in termss of its impact than the current storm, you did e it in the numbers during the one quarter in 2005, but the reund s extrememely quick. you cacan barely see e affect of the storm in gdp numbers after that. the one nice thing about our economy it tends to recover quite quickly. >> do you agree with that? what's your take. on top of everything you have this gas problem as well. everyone wanting gasoline and unable to fwet it. >> yep. my mother-in-law is out in new jersey. she got herower back on thursday. i was happy that she was okay. i think just the way we do the numbers has goofy implication that your house gets knocked down. you rebuild a new one. yoare no better o than you wewere before bit counts as an increase to the gdp because they are counting the part you are doing right now, not what was already there.

>> what about the infrastructure the story? governor cuomo last week said when new york rebuilds it will rebuild better s. this an opportunity to make significant changes to the infrastructure in new york and new jersey? and of course then the question becomes if so how do you pay for it? does the money even exist for that? >> that's the key. that's what i was going to say. you could thak as a moment to make a decision to upgrade the economic infrastructure of the tristate area. then the question is, well, with what money? that's not going to be cheap to do. i think people will have to make decisions about that. >> ed, we did see, w which was actually a positivthis week. we saw a degree of bipartisanship. president obama touring the damaged area of new jersey with governor chris christie, who was the keynote speaker at the republican convention, heaping praise on each over. does this tell you that come 0 prmize is possible in washington or was that just

politics? >> i think compromise is always possible in washington. its standard in any kind of negotiation,including negotiations in business between management and unions for things to go down to the 11th hour. that doesn't mean things are falling aapartment it is the nature of the game and the way it is played. our government has managed to get through many, many crises and despite the rhetoric, despite the hostility we get things done eventually. it would be nicer if people were more civil toward one another but the reality is the government is pretty effective in the long run at getting things done. i'm always an optimist on this thing and i think we can do it. > we know you disagree on a wide range of policie from taxes to the role of government. what where do you find common ground. >> eddie and i have been friends a long time. it's funny. we were together a few daysgo and thinking of that same subject.

i think we have broad agreement on tax reform. if you are going to do tax reform in 2013, what form should it take and how would you broaden the base, lower rates and try to increase growth in the country. i think we have a lot of agreement on that. >> >> what about you, ed? >> i they is right. one thing where we shared common views is on the way the financial crisis was handled for the most part. we can disagree with some details but for the most part the bush team and obama team did to follow it were pretty much on the same path. mpss in terms of how big the stimulus and whether there should be a stimulus and so forth. for the most part we did agree on that and there's a role for government and a role for regulation. i would have a slilightly more cautious eye to regulation perhaps than a surks stan but we agree on international trade and think it is important in terms of growing the economy a and thk that fiscal consolidation is

necessary. we may differ in terms of how much on the tax side, how much on the expenditures side, but the basic points i think are not ones on which we disagree. >> that's important because we have real issues we are trying to figure out how to compromise. great to talk to you both. appreciate it. >> great to see you. >> austan goolsbee and edward lazear.. the final hours before decision day 2012. america is voting. . the man that correctly predicted ch of the 2008 outcome and what the numbers say this ye. nate silver will join me. and the big buzz during the big storm, how social media came in to play during hurricane sandy. take a look at how the stock market ended the week. back in a moment. [ malele announcer ] do you he the lelegal protection y need? at legalzoom, we've created a better place to turn for your legal matters.

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look, the reason i'm in this race is there are people that are really hurting today in this country. and we face this deficit -- could crush the future generations. and republicans and democrats both love america but we need to have leadership -- leadership in washington that will actually bring people together and get the job done and could not care less if it's a republican or a democrat. i've done it before, i'll do it again. i'm mitt romney, and i approve this message.

welcome back. he's been called a m master of predictions. nate silver is the statistician whose analysis of polling data led to a near perfect forecast of the 2008 election. his work accurately called the electoral outcome of tes and ev in con teng. his 538 blog named for the total number of votes in the electoral college is hosted by the new york time and the author of the new book "the signal and the noise, why so many predictions fail but some don't." thank you for joining us. a few days before the election day and your analysis of the poll has given the president a better than 80% chance of winning, is that right? >> we have had 80% the past couple of days here. we are at the point where the polls are not likely to change very much. there is uncertainty there. but the fact the president leads

in ohio and iowa states where you would need, he would need to win 270 electoral votes means he is the favorite in the electoral college on tuesday. >> walk us through the key states that you think have the probability to win the election. what's the data for ohio. >> they have a 0/50 chance of having the decisive vote on its own. it is hard to have romney get w. he would have to win wisconsin or iowa. and then run the table in colorado and virginia and so forth. that's why we go through the math and it seems complicated but the fact that obama's been ahead in almost all of the polls in ohio by two or three points that holds upore n if than you think. historically means you have 80% chance of winning the election. we are looking at history to guide our estimate of the odds for tuesday. >> much of yourook focuses on

the ability to plan accurately. what's your take on the issues this week? the aftermath of sandy, the devastion, jobs report before election day, on the statate of the race? >> i should say this hurricane, by the way, was predicted very well. where about four or five days in advance they forecast it would barrel in to southern new jersey, as it did and have a severe storm surge. it's a real triumph for science in some ways, as well as a human tragedy. i think the jobs report on friday was a decent number. nothing game changing, though. you don't have anything that i think would cause numbers to shift back toward romney at the last minute. uslly when we have news that is kind of real crisis-type environments like hurricane sandy, the incumbent president is able to look presidential and it tends to help him. this has not been a terrific

closing week for romney. it is close enough that if it i were going to pick who will win already i don't think that anything will disrupt it much. >> i was looking at the headlines because of the plig blocks you bet msnbc's joe scarborough a cash charitable donation barack obama would win. that got you in hot water with the editor of the "new york times." you are such a numbers guy, was it appropriate to play political game? >> i'm not going to make accountability of what appropriate journalistic standards were. i played poker for a couple of years. it is natural for me if you have a view a belief and you think the odds are in your favor it is an honorable thing in my world to put money down on it. i'm not sure if the "new york times" would agrow with that point of view necessarily. >> the question is how can we trust your model? there's so much discussion over the polls this election cycle

and so much subjectivity. you, yourself, have said polls are subjective and you were an obama supporter in 2008. >>. >> i try to provide scientific objectivity and looking at it as a mathematician, and someone who has a good track record in baseball, poker and other fields. i think journistic objectity is where you recycle talkining points from both campaigns. maybe people people in that field have problem understanding we are looking at history, math and data to guide our view of the race and we are telling you we might be wrong. we are telling you the odds we will be wrong and we have a good track record. if you have an approach, looking at data in an objective wa like an investor watching this show might it is the same way we do it. it is more objective in some ways to spit ball feels to say i feel like it will be a close

election, or i feel romney may come back rather than looking at what the voters say in the polls. >> good to have you on the program. see you soon. >> thank you. up next on the "wall street journal report," in the dark but not totally disconnected. how associate media kept many informed and talking during nt to improve our hools.s... ... what should we invesin? maybe new buildings? what about updated equipment? they can help, but recent research shows...

... nothing transfsforms schools like investing in advanced acher education. let's build a strong foundion. let's invest in our teachers so they can inspire our stents. let'let's solve this.eachers colin powell: yes. when he took over we were in one of the... worst recessions we had seen in recent times... close to a depression. and i saw, over the next several years, stabilization..on come back in the financial community. housing is starting to pick up. the president saved the auto industry. and the actions he's taken with respect to... protecting us from terrorism have been very, very solid. and so, i think we ought to keep on the track that we are on. president obama: i'm barack obama and... i approve this message.

as sandy impacted the

northeast, many kept in touch with loved ones or stayed up to date on news from social media. joining me to talk about on-line engagement and what it means about the future. b . tell us, what the pick sure said while sandy was hitting landfall and what it has been saying since the storm. >> it was amazing. on the day of the storm when it really hit we got 2 million visitors that day. with an enormous am of traffic people seem to be at home by and largrge in their homes looking share what was going on in their various neighborhoods. many of the most credible reports of what was going on, areas flooded, it was on social media. it was pivotal moment. >> for many 0 who lost power

during the storm a working smartptphone was the only way t get information. >> ta was remarkable to me. how much information we were having. operating our company how many employees were able to work in lower manhattan as the power and water was out. the cell towers kept cooking mostly. >> that's amazing. having accesess to so much information in the palm of your hands changes the way we experience major collective events. it is continuing to change. >> we have a saying that traffic is mobile. information can't spread if it is not optimize for social. that happened before the crisis. once the crisis hit, people were already attuned to sharing on mobile. that's why so much information was exchanged. so many sites did a huge volume leading up to when the waters hit the island. >> your site and so many others on-line, news and opinion sites they were knocked off line on monday. how would you able to keep

working? >> we weren't fully knocked off line. the core service is in lower manhattan. the backup generators got flooded. we have an enormous site in this cloud. people could reach the site by and large andal all of our team went to tuckblr and twitter and social media to get out the story. we believe that media is in discreet units. we don't worry about where the storories are as long as they a out there and now we are fully back up in the cloud. we were the morning after. >> it takes a lighthearted tone covering celebrity stories, funny animal pictures. >> we have an enormous amount of quality. under our editor in chief ben smith we have some of the most in depth political coverage out there. we have a style and food vertical can. we track billions of events going on every month.

300 unique partner sites as well wech have massive databases. captured data throughout the storm. however, the servers that processed the data, those our team had to go in to a buildldi in the d dark in lower manhatta and caringry servers down 25 floors at 3:00 a.m. last night and move them to a new facility in connecticut. >> let me ask you about the bad information out there. not all of the social media sites during the storm was with the best of intentions. you reported about a twitter user that posted false stories like the floor of the new york toke stock exchange wasn't. i knew it wasn't. smoud should this man be brought up on charges? >> social media has a reputation of spreading false rumors but as our writer pointed out, false information spreads quickly and is it is corrected quickly on the social mead web. that individual, we were the ones that reslooel vealed on a

tumblr blog because we couldn't publish to our core site that this individual was a manager of a republican congressional campaign. he thought he had anonymity. we reveal whod he was and it ended up in him apologizing an giving up his post. i think social mediate it works out well because information and corrections spread quickly. >> good to have u on the program. >> up next on the new jersey we ll look at the news this upcoming week that will have an impact on yourur money. > and a pretty penny for the most famous address. what's thehe white hou w worth today's market? stay with us. l which can withstand over three and a half tons. small in size. big on safety. a short word that's a tall orderer. upup your game. up the ante. and if you stumble, you get back up. up isn't easy, and we ought to know. we're in the business of up.

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hope you follow me on twitter a engoogle+. look for @maria bartiromo. a look at what impacts your money and move markets this week. earnings are expected from disney, kohls, whole foods and groupon among others and the new york area power provider coned. on tuesday, it is judgment day. november 6th, the election. on thursday, we will find out if the u.s. imports or exports more good with the international trade balance. on friday the latest reading of consumer sentiment will be out. something you won't see in the real estate section this week. the president's home woululd ha a mamarket price of $284.9 million. a slight increase from four years ago. real estate site zill made the estimate taking in to the neighborhood surrounding pennsylvania avenue and tax

assessments of historic homes nearby them single-family home boasts 16 bedroom, 35 bathrooms and plenty of charm. thank you for being with me next week the story continues and the work begins. we will have reaction to the 2012 election and look at what the president will be dealing wi. each week keep it here where wall street so, maybe you're trying figure out question seven. well, let me give it a shot. if you're ok with marylanders spending five hundred and. fifty million a year gaming in other states, fair enough. but if you think we e ld keep at money here... add twelve thousand jobs, and generate millions for schos. well you should probably vote for question seven. because if it doesn't pass, all of this goes away. that's why the post called seven, common sense. but decide for yourself. look, the reason i'm in tm his race

is there are people that arelleally hurting today in this country. and we face this deficit -- could crush the future generations. and republicans and democrats both love americ but we need to have leadership -- leadership in washington that will actually bring people together and get the job done and could not care less if it's a republin or a democrat. i've done it before, i'll do it aga. i'm mitt romney, and i approve this message.